Celente argues that the people who deregulated the financial industry are the same people advising President Obama in the White House. The trends forecaster points out the large amounts of money President Obama and Senator Chris Dodd have received from financial institutions.

“This is just another episode in the presidential reality show to make people feel like they’re doing something,” says Celente. “The major source of the problem is Federal Reserve policy.”

Celente states: “The Obama policies are the ones that are creating the too-big-to fails to make them even bigger.” He comments on a page of the bill that allows the FDIC to bailout the banks with taxpayer money.